Forex to BDCs: Lawyers, NGO applaud Emefiele’s action to end illicit transactions

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*Say policy temporary discomforting but positive gains permanent

LAWYERS and Non-Governmental Organisations have noted with delight the recent decision of the Central Bank of Nigeria,CBN,under the leadership of Godwin Emefiele, to place embargo on weekly supply of forex to Bureau de Change, BDCs operators in the country.

The legal practitioners and the NGOs made their position known under the auspices of Lawyers In Defence of Economic Rights, LIDER, led by Barrister Chisom Nduka Edede, in a press statement made in Abuja.

They noted that the apex bank’s commendable decision was a “right step in the right direction towards stopping the act of robbing Peter to pay Paul.”


They said the decision was meant to streamline the nation’s forex market and bring sanity to the foreign exchange system.

According to the organisation, the development can also be described as using one stone to kill many birds by tackling corruption, money laundering and terrorism among other societal ills bedevelling the nation.

They added that most of BDC operators are very lazy, yet so rich, describing them as billionaires without owning factories or industries but feeding fat on the nation’s forex.

“With this noble decision, Emefiele and his team have fired Bazuka at corruption, money laundering and terrorism,”the organization said.

“This decision is not only commendable but also courageous. It is meant to end illicit transactions and corrupt brief case billionaires.

“We admit that like any other good policies, this policy can cause temporary discomfort but in the long run, the gains are enormous and will be permanent.

“We urge Nigerians to give the CBN the necessary support and show understanding while Emefiele and his team continue to set the nation’s economy on the path of sustainable growth,”the statement added.


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